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Canara Bank Housing Loan

Canara Bank Home Loan products are designed to help you acquire the dream home you wished to buy. Come to Canara Bank and get housing loans at the most competitive interest rates and with the most convenient loan procedure to make the loan process less tiresome. Canara Bank has a legacy of over a century in specialized banking services and a branch network of more than 2500 branches that ensures nothing but the very best services to all the customers.

Canara Bank offers home loans for construction/purchase of house/flat and also for renovation of existing flat/house. The bank offers a maximum loan of Rs. 1,00,00,000/- depending on the borrower’s repayment capacity. The loan repayment period is 5 – 10 years for site loans and 5 – 20 years for other loans.

Canara Bank home loans are offered for purchase or construction of any residential house or flat. The bank also provides finance for companies or corporations or Societies for purposes of construction or purchase of residential houses or flats. Canara Bank provides loans to individuals for site purchase where the allotment of site shall be for the residential purpose by State Development Agencies, Muncipal Bodies, Associations etc.

The housing loans by Canara Bank are provided for various purposes including:

IT Returns filed for the past two years (in case of non-salaried persons)

A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)

Balance Sheet and P&L Account for the past three years (in case of self-employed)

The loan process involves an application form available in the Canara Bank branches and also online on the Canara Bank website. Then comes the security the bank demands for sanctioning any loan. This can be mortgage of a house or flat owned.

Canara Bank has reduced the floating and fixed home loan interest rates, as also rates of auto loans and other personal loan products, with effect from Wednesday.

The new floating rates on home loans up to and inclusive of five years are now down to 7.75 per cent from 8.25 per cent irrespective of the amount of loan, while rates for loans above five year are down to 8.75 per cent from 9 per cent up to a loan size of Rs 10 lakh (1 million), the bank said in a release.

The rates of loans (above five-year) exceeding Rs 10 lakh, are down to 9 per cent from 9.25 per cent, irrespective of the tenure.

Fixed rates applicable for the three categories are now lowered to 8.25 per cent, 9.50 per cent and 9.75 per cent from 8.75, 9.75 and 10 per cent, respectively, it said.